Category: Lifestyle

How Much Would You
Pay For Tomorrow?

Can money buy time?

Can you pay for an extra Saturday or another Monday?

Many of you have probably read multiple articles on how time can be bought with money. Financial freedom or FIRE (Financially Independent Retire Early) followers believe that having enough money to not be dependent on working creates more time. There is no such thing as creating more time, it’s about being mindful on how we spend our time.

Everyone has the same amount of time in the day. We have 24 hours, or 1,440 minutes in a day. It’s how we choose our lifestyle, and our priorities, that allows us to have more time to spend on the things that are important to us, not to gain more time.

Even as we trade time for money in traditional employment, we are still at the mercy of the clock and at our choices. If we want for less, then we need less money. This means more choices. If we are creative about our solutions on making money, then it takes less time. You’ve heard the old adage: Work Smarter, Not Harder. This is why I believe you cannot buy time with money. Time continues on, no matter how much money you have.

Years ago, people were raised with the expectation that they would start working early in their lives, and continue working until they are 65. It created citizens that are involved in the workplace, producing income and paying taxes, and being productive members of society. They would work 8 hours a day (more if you were a farmer, for example, but it would even out in the winter months), then go home for dinner and spend time with the family and friends. Today’s positions include the expectation of more than 8 hours a day, plus often weekends and evenings. We are so caught up in our lives and obsessed with money that we forget to spend time on ourselves and on those around us.

I am a firm believer that time will always be available if you make it a priority.

There are so many ways to help keep time in check.

Docket Your Time

By docketing your time, you will be more aware of the time you have, and how you spend it.

Use an app like Moment, which reports to you how much time you spend on different applications and time spent on your phone.

Click Here for a Time Docket Sheet

Create a docket for 15 or 30 minute intervals where you write down what you did during that time. You may find that you are much more cognizant of
your time when you have to own up to it. Get a simple time docket here from my Etsy shop.

Freelancers and teams might use some of these apps as suggested by Zapier.com

Job Sharing

If you are able to reduce your work hours, a lot of employers are allowing job sharing. Essentially, you work one half of the week, and someone else works the other half. Sometimes you trade weeks on and off. Granted, you need to be financially sound in order to reduce your income by 50%, but you will also gain 50% more time in the interim.

Reduce Commuting Time

Maybe it’s time to move. If you love what you do, but it’s an hour or more away from home, you lose 2+ hours a day in travel time. That’s equal to 10+ hours a week, or 520+ hours a year… the equivalent of 21.6 days. That’s a lot of time you could save by living closer and having a shorter commute.

Reduce Expenses

Granted, this is the most obvious of suggestions. If you can reduce your cost of living, you can minimize how much you work. Maybe you could get by with a lower-paying job that allows you to take more vacation time. Maybe you don’t need to work 60 hours a week and can cut the overtime.

Being Creative

Think outside the box. Can you spend time with loved ones over your lunch, instead of working on the next task? Maybe you can rotate hosting potlucks once or twice a month and ensure you see your family more often. Perhaps you can work from home, and have time with those important four-legged friends instead of going into the office.

My blogger friend, Michael Dinich, shared an article questioning if a recession would happen if more people were to become financially independent. My opinion is yes! We need people to work so that we have trades people, doctors, lawyers, etc. If everyone chose to retire early, we would have a large population of non-working individuals and a shortage of workers. Does that buy time? No!

We never know how much time we have on this earth, which means life is about more than money. It’s about spending what time we are given (you know, that 1,440 minutes a day) doing what we want to do, and what we need to do.

Am I saying that people should work their whole lives? No, that’s not the answer either. Our society runs on the citizens giving back time, and if you are fortunate to have enough money to not need to work, then we need you in other areas. Volunteer. Share your trades. Create opportunities for less fortunate. (Some will argue this is the point – having enough money to allow yourself to do these things.)

We have no idea how much time we have on earth. It could be 75 years or 99 years. It could be 15 years. We have no idea. My opinion is that we should continue being contributing members of our society, live smartly, and enjoy the time we have.

No amount of money will extend your time in a day.

So what time is it that we are buying?

Are we buying more days? No.

Are we buying more months? No.

We are rearranging our lives to make time with loved ones or time for travel or anything else more possible, not by buying time.

That does not have to cost money. That isn’t buying time. That’s called making memories.

This post may contain affiliate links, meaning, at no additional cost to you, I may earn a small commission if you choose to purchase through these links. Please see my disclosure for more information. Amazon Affiliate Disclosure: I am a participant in the Amazon Associates Program, an affiliate advertising program designed to provide a means for me to earn fees by providing links to Amazon.ca and affiliated sites.

April Showers bring May Flowers…

Spring isn’t arriving very quickly here in Ontario. We are in the tail end of what we are hoping will be the final blast of winter. The beginnings of tulips and daffodils are starting to pop through the dirt, and the birds are singing. We are still inside, though, waiting for the sunshine and warmer weather.

There have been a few changes lately. I read that mortgage rates will continue to rise in Ontario. I’m personally seeing the stress test affect buyers, and house sales seemed to have slowed down. (Some say it hasn’t, but here’s an article that spends more time debating it then finding out the facts.) Plus, the standardized lease for residential tenants and landlords takes effect in a couple of weeks.

Life As I Knew It…

As you know, I’m battling an old student loan debt with a collections agency, and I can’t say it’s going well. A couple weeks after I reached out to the company, I still had not received my statement of loans. I did, however, receive a letter from them. Inadvertently, I may have made a comment about income. Bad move! The letter said, “we have learned that you are employed. If we do not hear from you within 10 days with a repayment plan, we will be recommending legal action be commenced against you.”

I called them immediately. How dare they send me a letter threatening me, when I am still waiting for them to prove authenticity of the debt!

My (Not So Humble) Opinion

When you are in collections, it seems like the rule of thumb is to not contact them until you have means to pay. While that may not be the right thing to do, it seems the safest.

Do Your Due Diligence

I can say I did my due diligence. I called the government. I called student loan centres. I’m satisfied that I owe this debt, but that doesn’t lessen the desire to see a statement.

When I had spoken to the supervisor at the collections company, he had recommended a few different ways to pay off this debt. It seems to be a standard list of suggestions, most of which made me inwardly laugh. If I had access to most of these suggestions, I wouldn’t be in that position in the first place!

Payment Suggestions

Suggestion: Pay it in full. Great idea. I don’t routinely keep $10k sitting around, so that’s not so much a thing.

Suggestion: Borrow money from family. Gee, why didn’t I think of that? Sorry, not an option in my family. We don’t mix money and family unless your life is hanging in the balance.

Suggestion: Get someone to co-sign a loan. Umm… see above.

Suggestion: Cash advance on credit cards and pay off loan. Yikes! This option is not a good one. Borrowing to pay off debt is never a good option, and cash advances are not like your regular charge on a credit card. Cash advances are charged daily interest, and are the last segment of debt paid off when you make payments against your balance. Most cards have a limit as to how much can be “cash advanced”, and its usually lower than the limit of the card.

Suggestion: Play the balance transfer option on credit cards until it’s paid in full. SMH.

Suggestion: Fill out a transparent budgeting sheet, complete with account numbers, institutions and whatever else they desire, and make a repayment plan. I gave my permission for the company to send me the form. This was the only option I could take.

I started to work on the form, and decided I was not comfortable disclosing all of the information they requested. I called up the company, and she said I could block out the account numbers. Their only interest was to receive confirmation that the numbers on the budget were in fact accurate.

When the Hustle Isn’t Working

Here’s the part that really got me.

Once I had completed my due diligence, my intention was to hustle like I’ve never hustled before. I wanted that debt paid off in full as soon as possible. That blemish was holding me back, and in combination with other debts I am paying off, it was keeping me up at night, and distracting me during the day.

I started throwing as much money as I could at it. The payments that were once directed at credit card debt were now covering the minimums and going towards this account. I had made four different payments in two weeks, paying off a whopping 3% of the amount owing.

She said they still want an agreement because of my history.

I wanted to shout. Scream. Cry. What history? The history of the collections company saying there was no statement to provide? There was no history, as I had no idea this debt existed! But it did. And I hadn’t been paying. I suppose that makes sense. If I was the creditor, I’d be even more aggressive. But I’m a person. So naturally, I was offended, and yet, I understand.

Hey, You. Yes. You.

There’s a big part of me that hopes this post is never useful to you, because that means you have not, or are not, going through debt problems. I am only human, which tells me it’s more likely I am not alone. I know, however, that many people will not talk about these problems as they are embarrassing, humiliating perhaps, and entirely annoying. Don’t let your pride or your perceived pride get in the way of taking care of your debts. You can’t run from them, and there’s no way to make them disappear. There’s no bankruptcy from Canadian student loans.

The Plan

With that said, I am still on the hustle to get this paid off. I started my first freelancing writing gig (I write for a retail gift site). I’ve applied to positions that allow me to work from home (more work, less transit time). Some sites offer payment for use, and there’s aways surveys, mobile apps and affiliate referrals. I am saving up as best I can, and I am cutting spending at the knees.

Have you noticed my Virtual Assistant page? I started a new course to help me build up my side hustle business. It’s called $10k VA with Kayla Sloan. She is so friendly, helpful, and really supportive. Now is the time to start if you are thinking about it, because her prices are going up. As they should – so far I’m loving the material.

Staying On Top Of Finances

I track my spending in a planner, much like an Erin Condren Life Planner. It’s dedicated to finances only, and I mark each bill or authorized withdrawal in it. Every two weeks, I get paid, and I look at the calendar to see what is coming up for the next two weeks. I deduct those expenses, and I write down every transaction that has gone through my accounts over the last two weeks.

By writing each transaction down, I can see if there are any fraudulent entries, and I can take note of any spending issues or habits forming. It’s great for lifestyle creep as well. I also make note of how much interest I was charged on my credit card balances, if I carry one.

Every two weeks, I also have a chart that I fill out. It lists my main accounts (chequing, travel, emergency fund, all credit cards). I write in the balances of each account, and monitor that they are going in the direction they should be.

The travel account is added to automatically each payday. This is my saving grace of accounts. I know I could be directing this money to debt. I also know that a vacation helps my sanity. I have a small amount going to the travel fund so that my partner and I can go away to a budget-friendly resort at least once a year. It is comforting to know that, while I am giving up spending and hustling so hard, I will be rewarded by that vacation no matter what happens.

The emergency fund is an account that just sits and collects dust interest. My emergency fund is low, usually around $1,000 – $1,500. This account is for the true emergency. (I am going to admit: Worst case, I rely on credit while I am paying off the debt.)

This is my life right now. I hustle at work, and then head home to try to find more hustle opportunities. Malls and stores are visited on a need-only basis, and the only shopping I’ve done lately is for cat food, litter and toner for my printer – which died right in the middle of printing my tax return.

Do you have any recommendations? What do you do for side hustles or extra income? Tell me in the comments, or join me on Twitter, Instagram or Facebook. What the heck, click a few ads or two, that would be fun too!

This post may contain affiliate links, meaning, at no additional cost to you, I may earn a small commission if you choose to purchase through these links. Please see my disclosure for more information. Amazon Affiliate Disclosure: I am a participant in the Amazon Associates Program, an affiliate advertising program designed to provide a means for me to earn fees by providing links to Amazon.ca and affiliated sites.

Background

When I was 18, I went to college for the first time. I studied Social Service Worker, in hopes of working with people who had addictions, relationship rescues and job coaching. I had recently left my childhood home, and was on my own for the first time. I hadn’t really planned on it, as it was a sticky situation surrounding my move out. Like every other student, I applied for student loans, and thought, once I became an adult, I would be making lots of money to pay this back.

Oh, How Life Mocks Me!

I started working in a call centre to tide me over until I found that “real job”. I called out to those who had mail ordered pantyhose for three months, and then the campaign ended, leaving us out of work. A newer centre was starting up down the street, and I hadn’t found that amazing opportunity yet, so I applied and was hired on there.

What I Didn’t Know Could Fill A Swimming Pool…

Lessons in money were never my strong point when I was in my twenties. I lived like others did, I ate out, spent money quickly, and barely paid my debts. Rent was always paid on time, and I always had work, but never made much of a living. I thought I’d paid off everything that I owed.

After I had left the call centre world (which is a story unto itself), I had been married, separated, a home owner, a landlord, and went from having my life moving into the right direction to having it stop completely, and start a slow slide to the bottom.

Career Change, Life Change, Pocket Change…

It was time for a change, and so I attended college again, this time focusing on law studies. I received my diploma in Law Clerk two years later. I need to interject for a moment: my (ex)husband and I had discussed my return to school, and had thought that working as a law clerk would be something I would enjoy, and would supplement our income nicely. The position was never intended to be one that brought in a lot of money, as my (ex)husband was in IT, and was doing well.

Fast forward to the second month of school, and I was unemployed, and newly separated. I was in school fulltime, and the program required a lot of time and effort. It was rumoured to be the toughest at our school. I did what any student would do – I turned back to student loans to make it through the years.

A Super Short History Of Student Loans

In Ontario, student loans are divided into two sections: provincially funded and federally funded. The loans were structured very differently the second time I attended school, as the first time I had a bank I could walk into and discuss what the loan repayment structure looked like.

The second time around, I had no one to speak to, and received the odd piece of mail. I moved a few times, being a student without a home for a bit. Throwing myself into my new career, I started at the bottom of the ladder, making a measely $12 an hour. Not enough for a single person to live on, and to make payments of student loans when they wanted $400-$500 monthly. No sir, their payment plan nearly rivelled any rent I paid. So I did what I had to do to keep food on my table.

I Stopped Making Payments

Yes, today I hang my head in shame and think about all the things I could have done differently, and how I chose to not. I chose to stick my head in the sand and pretend that it would go away. My income rose, dollar by dollar, over the years, never really keeping up with inflation, and I changed employers like I changed addresses. I was looking for the right fit.

Eventually, the Canada Revenue Agency sent me some scary looking letters, and I arranged a payment plan with them. I had been paying for a couple of years by that time, when I received a telephone call from a collection agency. This collection agency said they had received my student loan from the government, and they were collecting on their behalf. Thinking it was fraud, I demanded a statement. The representative said they couldn’t provide me with one, and I hung up.

Fraud or Not?

This company continued to call me, and I continued to dodge them, as they were your stereotypical collection centre: give me money or you will be sued! Who wants to speak to those people? Not me. Finally, about six months after that, I answered the phone and told them again, I want a statement. The girl on the phone again said it was something they couldn’t provide, so I told her that I would not be willing to pay them money if they couldn’t prove what it was for.

September 2017, I Started Blogging

Fast forward to the beginning of my blogging days here, about six months ago. I had started researching investments, and getting serious about paying off debt. My partner and I had cut back on services that we didn’t need, and we worked together to reduce our expenses. I decided to start blogging about my journey, as I had studied ways to save money, ways to make the dollar stretch, how to cut out expenses, but I had never looked at investing, or how much debt really costs. I wanted to share all of this with others in the same boat, as I was sure there were others.

If any of you recall, I had applied for a new bank account with a local credit union. I found out that I had been declined because of a collections on my credit bureau. Sure enough, it was this collections company representing the unknown portion of student loans.

Yes. It’s True. It’s All Mine.

What a depressing moment that was, to see that I was another ten thousand in debt than what I originally had thought. I cried. I don’t admit that too freely, but I cried. I got mad at my partner because I can’t fix it tomorrow. I felt guilty at spending money on anything, and felt guilty to the point of eating food because it cost money, and not eating food as waste costs money as well. I started telling myself I didn’t need the extras, and then I would swing to the other side. My husband is an enabler. He supports me if I don’t spend, and supports me if I do. He just floats along with the thought that we will always have debt, we will always have to work, and there’s nothing that we can do to change it.

I’m mad. Fired up! Angry!

I’m really angry at myself, and at the choices I made. Did I think I could just outrun this debt? Why did I accept so much? Why did I spend it all or try harder? What was I thinking, all those years ago?

I wasn’t thinking. Instead, I was thinking about new clothes, a trip to Las Vegas, paying my share of groceries and rent, adopting pets, etc. It’s embarassing to admit this to everyone, but I am hoping someone reads this and thinks twice:

In July of 2016, I quit smoking. I was a pack-a-day smoker, and more on weekends. Did you know cigarettes cost over $10 a pack for the brand I was smoking? Literally, I was wasting over $300.00 a month, for twelve years. I could have paid my student loans off FOUR TIMES. When I realized that smoking was costing me that much money, together with the fact that I don’t want to die a horrible death I may have been able to prevent, I quit. (Still smoke free, actually.)

Owning My Mistake.

This is my $10k mistake. Perhaps it’s more like a $50k mistake, all things considering, but the debt is around $10k. It’s time to annihilate this debt and to make my credit work for me, and not against me. It’s time to pay for my education.

Time to Hustle

So watch me hustle, spend less, do more, find freelancing work, find any work, write hard, blog harder, etc., because I really want this paid off in four months. Yes, four months. My current salary will not support even half of that, so it’s time for some hustling.

Are you hiring? Do you have any freelancing work for me?

Thanks for joining me on my journey. Get updates by jumping on the mailing list or follow me on Twitter.

This post may contain affiliate links, meaning, at no additional cost to you, I may earn a small commission if you choose to purchase through these links. Please see my disclosure for more information. Amazon Affiliate Disclosure: I am a participant in the Amazon Associates Program, an affiliate advertising program designed to provide a means for me to earn fees by providing links to Amazon.ca and affiliated sites.